Pareteum Awarded 3-Year $10 Million Contract in the Indian Subcontinent

Pareteum Corporation, the rapidly growing Cloud Communications Platform company, announced today that it has signed a 3-year contract to provide its Managed Service Platform (MSP) to an IoT and MVNO provider in the Indian Subcontinent.

Pareteum’s Managed Services Platform will provide a fully integrated, single source solution that will enable its newest customer to deliver multi-country branded services, digital applications, data services and traditional mobile services to its end users. Under the terms of the contract, Pareteum will help them expand into 5 countries providing platform services combined with Connectivity. Pareteum will receive a monthly fee for each subscriber on the platform and will also receive revenue for the connectivity associated with these subscribers.

Under the terms of the agreement, Pareteum will be paid on a monthly recurring revenue basis for platform support services based on the number of connections. Additional fees will be paid to Pareteum for other solutions, as activated, including Blockchain enablement.

Vic Bozzo, CEO of Pareteum, stated, “Pareteum’s MSP Platform is a perfect fit for the contract with our newest global client. This part of the world represents high growth in connections as the digital economy takes over. We are pleased with Rob Mumby and his team as they continue to add customers to our platform.”

Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, “Our strategy for accelerating the world’s shift to an open mobility and application network includes Pareteum’s continued extension of our mission to provide services for any device, any network, anywhere. This newest customer is a clear indicator of the global opportunities available in the marketplace. Pareteum’s fully integrated cloud services, and, application developers’ platform, provide a flexible single solution, without heavy capital investment in infrastructure, creating geographical freedom.”